Trump and the ‘Chimerica’ Crisis

The countries’ divergence began in 2015, as Beijing took defensive steps against financial risk.

By

Niall Ferguson and

Xiang Xu

May 6, 2018 3:35 pm ET

When the concept of “Chimerica” first appeared in these pages 11 years ago, it was intended to encapsulate a new economic world order—one based on Chinese export-led growth and American overconsumption. That put the U.S., the sole global superpower, in an unlikely financial relationship with its most likely future rival. Now, after the non-meeting of minds between American and Chinese trade negotiators last week in Beijing, is that marriage finally on the rocks?